標題: 員工分紅配股之宣告對股東財富影響之研究
Shareholder Wealth Effect on the Announcement of Employee Stock Bonus
作者: 藍淑娟
Shu-Chuan Lan
王克陸
姜齊
Dr. Kehluh Wang
Dr. Chi Chiang
管理學院管理科學學程
關鍵字: 員工分紅配股;股東財富;事件研究法;異常報酬;Employee stock bonus;Shareholder Wealth;Event Study;Abnormal Return
公開日期: 2004
摘要: 員工分紅配股的激勵效果,經國內外學者之研究,確實能顯著提升企業之經營績效;然而員工分紅配股理論上亦對股東權益產生稀釋效果,為了解此二種反方向之影響表現在實際的股市投資報酬率上之綜合效果如何,本研究採用「事件研究法」以日報酬為分析的基礎,並採用市場模式(Market Model)來建構股票之期望報酬率模式,以探討員工分紅配股,是否會引起股價的異常變動,亦即股價是否會產生異常報酬(Abnormal Returns),以作為對股東財富影響之指標;同時,以迴歸模式探究員工分紅配股比率與異常報酬間之相關性。實證結果如下: 一.員工分紅配股對股東財富之影響 同時以橫向檢定事件期間之異常報酬率及以縱向檢定事件期間內各樣本之累計平均異常報酬,皆獲得一致之結果,即員工分紅配股資訊的宣告,整體而言不會造成負的異常報酬,亦即員工分紅配股對股東權益的稀釋效果並不會大於其所產生之激勵效果。 二.不同股票市場行情下的員工分紅配股 在漲勢市場下,員工分紅配股對股東財富具有正的異常報酬,而在跌勢市場下,則具有負的異常報酬。 三.員工分紅配股比率與異常報酬之關連性 將按面值計算之員工分紅配股占盈餘年度稅後盈餘之比率超過全體樣本平均數者視為大額樣本,而未超過平均數者視為小額樣本,經本研究實證,此二類樣本對累計平均異常報酬確有不同。 雖然同一迴歸模式,在跌勢市場行情的小額員工分紅配股率樣本下, 自變數(員工分紅配股比率) 與因變數(累計平均異常報酬( ))有顯著線性關係,但整體而言,該自變數( 員工分紅配股比率) 與因變數(累計平均異常報酬)之關連性,並未呈現顯著的線性關係。
Although its motivating effect on productivity and performance has been studied extensively in the literature, the employee stock bonus from profit sharing does dilute the shareholders’ equity. The purpose of this study is to investigate the impact of the announcement of the employee stock bonus plan on the shareholder’s wealth. Sample firms are selected from the electronics industry listed on the Taiwan stock exchange. We adopt the event study method to explore whether there are abnormal returns after the announcements. Besides, regression model is applied to analyze the relationship between the employee stock bonus and the abnormal return. The empirical results show that: 1)In general, we do not observe the negative abnormal returns after the announcement of the employee stock bonus plan. 2)Positive abnormal returns are observed in the bull market, while negative abnormal returns in the bear market. 3)In the regression analysis, the employee stock bonus ratio and the cumulative average abnormal return (CAR) do not form a linear relationship.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT009162532
http://hdl.handle.net/11536/62146
Appears in Collections:Thesis


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